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Ratings assigned and not accepted (as on 13 Jan 2026)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Sunflag Iron and Steel company Limited Ferrous Metals Bank Facilities 1000 13 Mar 2025 Unlisted [ICRA]A+ (Stable) No No
2 Mayiladuthurai Municipality Public Services Issuer rating 0 06 Mar 2025 Unlisted [ICRA]BB(Stable) No No
3 Mariya Constructions Construction Bank Facilities 200 24 Feb 2025 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
4 Panruti Municipality Public Services Issuer Rating 0 21 Feb 2025 Unlisted [ICRA]B+(Stable) No No
5 Navdurga Electroconstruction Pvt. Ltd. Construction Bank Facilities 700 21 Feb 2025 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
6 Kirtilal Kalidas Jewellers Private Limited Consumer Durables Bank Facilities 800 20 Feb 2025 Unlisted [ICRA]BBB+ (Stable) / [ICRA]A2 Yes 08 Mar 2025 [ICRA]BBB+ (Stable)/ [ICRA]A2 No
7 Malik Auto Zone Private Limited Automobiles Bank Facilities 800 20 Feb 2025 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 Yes 27 Mar 2025 [ICRA]BB- (Stable)/[ICRA]A No
8 Curated Living Solutions Private Limited Realty Bank Facilities 435 14 Feb 2025 Unlisted [ICRA] BBB- (Stable) No No
9 Alternative Housing Management Services Private Limited Realty Bank Facilities 135 14 Feb 2025 Unlisted [ICRA] BBB- (Stable) No No
10 Tambaram City Municipal Corporation Public Services Issuer Rating 0 13 Feb 2025 Unlisted [ICRA]BBB+(Stable) No No
11 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 50 10 Feb 2025 Unlisted [ICRA]BBB-(Negative ) / [ICRA]A3 Yes 25 Apr 2025 [ICRA]BBB-(Negative)/[ICRA]A3 No
12 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 200 10 Feb 2025 Unlisted [ICRA]BBB-(Negative) Yes 23 Apr 2025 [ICRA]BBB-(Negative) No
13 Kancheepuram City Municipal Corporation Public Services Issuer Rating 0 04 Feb 2025 Unlisted [ICRA]BBB-(Stable) No No
14 BRBA Infratech LLP Construction Bank Facilities 530 03 Feb 2025 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
15 Brajdev Ethanol Private Limited Beverages Issuer rating 0 30 Jan 2025 Unlisted [ICRA]B+(Stable) No No
16 Udhagamandalam Municipality Public Services Issuer rating 0 28 Jan 2025 Unlisted [ICRA]BB+ (Stable) No No
17 Udumalpettai Municipality Public Services Issuer rating 0 28 Jan 2025 Unlisted [ICRA]BB- (Stable) No No
18 Comnet Solutions Private Limited IT - Hardware Bank Facilities 1250 24 Jan 2025 Unlisted [ICRA]BBB- (Stable) [ICRA]A3 No No
19 Inalco Metal Private Limited Non - Ferrous Metals Bank Facilities 500 20 Jan 2025 Unlisted [ICRA]BBB-(Stable) No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.